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5 Dollars The Farmers Bank of Sandstone
| Issuer | The Farmers Bank of Sandstone |
|---|---|
| Year | 1837-1838 |
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| Value | 5 Dollars (5 USD) |
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| Obverse description | The obverse is divided into three vertical panels by engraved lathe-work borders, with large numeral '5' and the word 'FIVE' repeated at the outer left and right margins. The left side panel contains a vignette of a male figure at a forge or workbench, while the right panel bears a vignette of a seated female figure. The central upper area carries a large allegorical vignette of a standing male figure with agricultural implements and a sailing ship in the background, flanked by a circular guilloche medallion bearing a large Roman numeral 'V' in the upper right, below the partially printed text referencing the President and Directors. The lower central portion bears the bank title 'THE FARMERS BANK OF SANDSTONE' within a decorative frame, with 'REAL ESTATE SECURITY' above it, the denomination 'FIVE DOLLARS' in bold letterpress, the county name 'BARRY' in a cartouche, and script promise-to-pay text, all above the printed signatures of the Cashier and President and the imprint of the New England Bank Note Co., Boston, with 'MICHIGAN' in a panel at the base. |
|---|---|
| Obverse lettering | No. 707 THE President Directors Co. of REAL ESTATE SECURITY. THE FARMERS BANK OF SANDSTONE promise to pay FIVE DOLLARS to W. James or Bearer on demand BARRY 18 New England Bank Note Co. Boston H.N. Baldwin CASHR L.D. Smith PREST -MICHIGAN- |
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| Comments |
Sandstone, Michigan was little more than a hamlet when this note was issued — the township had been organized only in 1836, and the Farmers Bank of Sandstone was among dozens of wildcat institutions that sprang up across Michigan almost immediately after the state legislature passed its liberal free banking law in March 1837. The law required specie reserves but enforcement was farcical; inspectors reported banks with the same barrels of coin being carted between institutions ahead of audits.
Michigan's legislature repealed the free banking act in 1839, rendering most of these institutions defunct. Notes from Sandstone-area banks are scarce precisely because the bank's operational window was so brief.